The site was put on the market by Marylebone Warwick Balfour which is in the middle of a planned five-year liquidation of its property portfolio. MWB has consent for a comprehensive development alongside the dock, including residential, commercial and hotel development, which it owns in partnership with the Maccon Group of South Africa and Malaysia-based Sunrise.
Following masterplan approval for the waterfront regeneration scheme in July 2001, MWB's first transaction involved a £35 million ($55 million) development agreement to create two hotels providing 455 rooms on a one-acre site for the French hotel group Accor.
MWB Director Joe Shashou said: "Having secured a valuable planning consent for this strategically important waterfront site I am delighted that we have attracted companies of the quality of Accor and Barratt. Together these two deals will have generated combined profits to MWB of £13.5 million ($21 million) over a two year period."
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